With Bitcoin Price Slipping, Are Miner Selloffs To Blame?
Bitcoin’s price is sitting well below its record highs and some miners are selling more coins than usual. But should investors be concerned?When the bitcoin price slips into a prolonged downtrend as it has since its record high set in late 2021, all types of investors start pointing fingers at whomever seems the most likely culprit for the selloff. Are whales manipulating the market? Are paper-handed normies dumping their bags? Are Wall Street suits suppressing the price? Nothing strikes fear into the hearts of the Twitter masses, however, quite like the phrase: “Miners are selling.”And....
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Bitcoin price looks to be slipping from $600 and 4,000 CNY in some exchanges exchanges. Failure to hold this critical level opens the possibility of another corrective wave of decline. Price is grappling with support and resistance at $600 and 4,000 CNY across exchanges. In the 4hr chart we see that price had recently used the 200MA (red) as support. Yet, RSI had advanced too far too soon and formed reverse divergence to an RSI peak from 2 weeks ago (magenta). Price is, hence, forced into correction. The pale magenta trendlines above and below price imply a consolidation range that should....
Bitcoin has faced a challenging market environment, with its price remaining below $88,000 and registering a 10.1% decline over the past two weeks. This significant downturn has been marked by considerable selloffs and a lack of upward momentum. However, amidst this bearish trend, a new development within the Bitcoin mining community has been highlighted by a CryptoQuant analyst. Related Reading: Bitcoin’s Ongoing Dip: Here’s What Analysts Are Saying Miners Hoard Their Bitcoin A CryptoQuant analyst known as BilalHuseynov recently highlighted an intriguing shift in miner behavior. According....
Data shows the growth in the Bitcoin miner revenues has slowed down during the past week as the price of the crypto has been moving sideways. Bitcoin Miner Revenues Rose During The Last Seven Days, But By Only 1.6% As per the latest weekly report from Arcane Research, the BTC miner revenues have now stagnated […]
A director with the International Monetary Fund (IMF) has warned of further selloffs in both crypto assets and equities. He further warned that more crypto tokens could fail.
IMF Foresees More Crypto Selling Pressure
Tobias Adrian, director of Monetary and Capital Markets for the International Monetary Fund (IMF), warned about further selling pressure in the crypto market and more crypto token failures in an interview with Yahoo Finance Wednesday.
He said:
We could see further selloffs, both in crypto assets and in risky asset markets, like equities.
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